Dunedin Smaller Companies Investment Trust PLC
Interim Management Statement - 3 months ended 31 July 2009
To the members of Dunedin Smaller Companies Investment Trust PLC
This interim management statement has been produced solely to provide additional information to shareholders as a body to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.
This interim management statement relates to the period from 1 May 2009 to 31 July 2009, and contains information that covers this period, and up to the date of publication of this interim management statement, unless otherwise specified.
Investment objective
To achieve long term growth from a portfolio of smaller companies in the United Kingdom.
Benchmark
FTSE SmallCap Index (excluding Investment Companies).
Material events
The Interim Report for the six months ended 30 April 2009 was posted to shareholders on 3 July 2009.
An interim dividend of 1.85p per ordinary share for the year ending 31 October 2009 was paid on 24 July 2009 to shareholders on the register on 10 July 2009. The ex-dividend date was 8 July 2009.
Material transactions
There were no share transactions during the 3 month period ended July 2009. As at the date of this IMS, the Company's issued ordinary share capital is 47,852,573.
For latest NAV and share price information, please refer to the Company's website, www.dunedinsmaller.co.uk.
Ten largest equity holdings at 31 July 2009
| % |
Dechra Pharmaceuticals | 3.1 |
McBride | 3.1 |
Mothercare | 3.0 |
Savills | 2.7 |
Restaurant Group | 2.6 |
Chemring | 2.6 |
Ultra Electronics | 2.5 |
Holidaybreak | 2.3 |
Menzies (John) | 2.3 |
BSS Group | 2.1 |
Total | 26.3 |
Sector allocation as at 31 July 2009
% | |
Industrials | 38.3 |
Consumer Services | 17.2 |
Consumer Goods | 9.2 |
Financials | 8.9 |
Health Care | 4.9 |
Technology | 3.4 |
Basic Materials | 3.0 |
Cash | 15.1 |
Total | 100.0 |
General description of Company's financial position and performance as at 31 July 2009
£m | |
Cash | 9.0 |
Investments | 46.4 |
Gross Assets | 55.4 |
Net Assets | 47.4 |
Actual gearing* | (2.1)% |
* Actual gearing is expressed as a percentage of investments divided by net assets
Cumulative Performance % | |||||||
as at | 1 month | 3 months | 6 months | 1 year | 3 years | 5 years | |
| 31/07/2009 |
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Share Price | 84.3 | 7.1 | 6.8 | 21.4 | -12.0 | -27.0 | 35.7 |
NAV | 99.0 | 8.4 | 9.8 | 23.5 | -11.8 | -24.2 | 19.2 |
FTSE SmallCap ex IC | 7.6 | 8.3 | 42.5 | -11.0 | -31.8 | -6.4 | |
Subscription Shares Price | 1.9 | -6.0 | 7.4 | 50.4 | -68.7 | n/a | n/a |
Discrete Performance % | |||||
12 months ended | 31/07/2009 | 31/07/2008 | 31/07/2007 | 31/07/2006 | 31/07/2005 |
Share Price | -12.0 | -27.4 | 14.3 | 36.7 | 35.9 |
NAV | -11.8 | -28.6 | 20.4 | 23.4 | 27.3 |
FTSE SmallCap ex IC | -11.0 | -35.5 | 18.7 | 12.8 | 21.8 |
Subscription Shares Price | -68.7 | -74.5 | n/a | n/a | n/a |
Total Return; NAV to NAV, Net Income Reinvested, GBP | |||||
Source: Aberdeen Asset Managers Limited, Factset and Fundamental Data | |||||
NAV returns based on NAVs excluding income and with debt valued at par | |||||
The Board is not aware of any significant events or transactions which have occurred between 31 July 2009 and the date of publication of this interim management statement which would have a material impact on the financial position of the Company. For latest performance information, please refer to the Company's website, www.dunedinsmaller.co.uk.
Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise. Investors may not get back the amount they originally invested.
For Dunedin Smaller Companies Investment Trust PLC
Aberdeen Asset Management PLC, Secretary
24 August 2009
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